by Chris Woodyard, USA TODAY

by Chris Woodyard, USA TODAY

Cadillac has priced its new ELR extended-range electric coupe at more than twice the price of Chevrolet Volt sedan which uses the same basic powertrain. ELR will start at $75,995, including delivery fees.

ELR is General Motor's first vehicle to use the plug-in technology of its breakthrough Volt. Volt starts at $34,995 after a $5,000 price reduction earlier this year. ELR is even priced higher than the cheapest all-electric Tesla Model S, at $69,900.

"With the electric vehicle space growing ever more competitive, the $75,000 price point of the Cadillac ELR will be out of reach for most," says Alec Gutierrez, senior analyst for Kelley Blue Book, in a statement. "Although mainstream buyers will likely shy away from the ELR, Tesla has established that there are buyers willing to shell out top dollar for an electric vehicle."

Like the Volt, it will be able to travel about 35 miles on battery power alone before its 1.4-liter, four-cylinder backup gas engine kicks in. For many drivers using the car for daily commuting, they will barely ever need to fill the car with gasoline.

Unlike Volt, ELR will come swaddled inside in wood and leather and equipped with a full suite of high-tech features, including Cadillac's advanced CUE infotainment system with a eight-inch, full-color touch screen; LED headlights and taillights; lane departure warning; forward collision alert; and the seat that vibrates if you're in danger of backing into another car.

"The ELR is a unique blend of dramatic design with electric vehicle technology capable of total range in excess of 300 miles," says Bob Ferguson, senior vice president for Cadillac, in a statement.

Cadillac points out that ELR's price will be mitigated by federal tax credits. The credits, up to $7,500, could potentially lower the price to $68,495.